Half year results presentation 14 November 2017 2 Operational - - PowerPoint PPT Presentation

Half year results presentation

14 November 2017

• Total AUM up 14% to €27.2bn, with €5.7bn of new money raised
• Fundraising driven by our Senior Debt Partners strategy raising €4.2bn in the period and growing

momentum across our European capital markets strategies

• Fee earning AUM €18.5bn; the impact of new monies raised on fee earning AUM to be felt as it is invested
• Strong fund investment for our larger strategies. Investment discipline in a competitive market being

maintained

• Fundraising pipeline strong with a number of our larger strategies expected to begin raising successor funds

in the next 12 months

• Portfolios continue to perform well

2

Record fundraising and strong capital deployment

Operational highlights

3

Strong financial performance driven by FMC

Financial highlights

• Fund Management Company profits up 30% to £44.3m (H1 2017: £34.0m), with third party fee¹ income up

24%

• Investment Company profit¹ is lower at £36.7m (H1 2017: £99.0m), due to lower investment income
• Group profit before tax¹ was £81.0m (H1 2017: £133.0m)
• Earnings per share¹ of 28.3p (H1 2017: 39.8p); Fund Management Company 15.5p (H1 2017: 10.2p) and

Investment Company 12.8p (H1 2017: 29.6p)

• Interim ordinary dividend up 20.0% to 9.0 pence per share

¹These are non IFRS GAAP alternative performance measures and represent internally reported numbers excluding the impact of fair value movements on derivatives (H1 18: £0.3m; H1 17: £7.6m; FY17: £1.3m). Internally reported numbers exclude the impact of the consolidation of 12 credit funds following the adoption of IFRS 10

4

Strategic priorities

• Manage pre global financial crisis

portfolio

• Develop a scalable infrastructure

platform

• Establish an in-house distribution

capability

• Develop new products
• Build a global franchise
• Deliver gross fundraising target
• Enhance brand and client base
• Selective acquisitions and team

hires to expand product range

• FMC operating margin to

increase

• Optimise co-investment ratio
• Greater capital efficiency

FY16 - FY19 By FY20

• Recognised as a diversified

specialist asset manager

• Increased fundraising targets
• Continue to invest in growth

whilst maintaining FMC margins

• FMC largest profit contributor
• Enhanced brand recognition
• Maintain efficient capital base

FY10 - FY15

Financial Review

5

Fund Management Company profit up 30% on prior period

6

Financial highlights

¹These are non IFRS GAAP alternative performance measures and represent internally reported numbers excluding the impact of fair value movements on derivatives (H1 18: £0.3m; H1 17: £7.6m; FY17: £1.3m). Internally reported numbers exclude the impact of the consolidation of 12 credit funds following the adoption of IFRS 10

• Accounting standard IFRS 10 requires 12 credit funds to be consolidated into statutory results. All numbers in the

financial review shown excluding the impact of IFRS 10

• Assets and liabilities grossed up with minimal impact on shareholders’ funds

6 months to 12 months to 6 months to £m 30 September 2017 31 March 2017 30 September 2016

Fund Third party fee income 77.8 138.6 62.9 Management IC management fee 8.3 18.1 9.2 Company Other income 12.3 23.0 11.4 Operating costs (54.1) (105.7) (49.5) FMC profit 44.3 74.0 34.0 Investment Interest income 51.8 144.7 60.0 Company Other income 3.4 14.7 4.6 Net capital gains 70.8 201.4 125.5 Impairments (10.0) (48.0) (23.8) Net investment returns 116.0 312.8 166.3 Interest expense (28.3) (53.9) (24.4) Operating costs (42.7) (77.3) (33.7) IC management fee (8.3) (18.1) (9.2) IC profit 36.7 163.5 99.0 Group Profit before tax1 81.0 237.5 133.0

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• Assets for syndication higher following strong investment activity
• Maintain balance sheet gearing well within the range of 0.8-1.2x
• Diversified sources and maturities of financing, healthy debt headroom

Balance sheet and capital strategy

Balance sheet efficiency maintained

£m 30 September 2017 31 March 2017 31 March 2016

Assets Loans and investments 1,668 1,712 1,798 Assets for syndication 294 90 183 Cash 145 490 113 Other 403 209 236 Total assets 2,510 2,501 2,330 Liabilities Borrowings 1,090 1,119 866 Other 232 209 223 Shareholders funds 1,188 1,173 1,241 Total liabilities 2,510 2,501 2,330 Gearing ratio 0.92x 0.95x 0.70x Debt facilities 1,572 1,600 1,535 Available headroom 627 971 781 Balance sheet metrics

6 months to 12 months to 6 months to £m 30 September 2017 31 March 2017 30 September 2016

Cash in from realisations and recoveries 227.5 716.5 302.9 Cash paid to purchase loans and investments (261.9) (366.0) (178.2) Cash movement in current assets held in warehouse for syndication (204.9) 153.7 99.6 Cash in from fees 70.2 148.9 70.1 Cash in from dividends and interest 48.0 172.2 64.9 Cash interest paid (26.6) (53.0) (20.8) Operating expenses paid (102.3) (115.0) (65.8) Total cash flows from operating activities (250.0) 657.3 272.7

8

Strong investment pace results in net cash outflow

Cash flow

Fund Management Company

9

10

Record third party AUM of €25.3bn up 16% in the period

• Third party AUM up €3.5bn in the period; inflows €5.7bn;
• utflows €1.4bn and €0.8bn FX and other
• Realisations in corporate investments arising on the older

European Mezzanine and Senior Debt Partners funds

• Fee earning AUM down 1%; but will grow as new money

raised is invested

• H2 fundraising focus on North America Private Debt and

Capital Market strategies

Third party assets under management

AUM H1 inflows/outflows by strategy AUM by Business Unit

€m 30 September 2017 31 March 2017 30 September 2017 31 March 2017

Corporate Investments

8,272 8,516 13,839 10,805

Capital Market Investments

6,267 6,171 6,558 6,171

Real Asset Investments

2,610 2,667 3,393 3,290

Secondary Investments

1,366 1,388 1,530 1,551 18,515 18,742 25,320 21,817

Fee earning AUM AUM

4.2 1.0 0.4 0.1 (0.9) (0.3) (0.2) (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 Corporate Investments Capital Market Investments Real Asset Investments Secondary Investments €bn Inflow Outflow

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Long term, predictable and highly cash generative fee streams

Fee income

Average Weighted Remaining Life (Years) Average Weighted Fee Rate (bps) Locked-in Management Fees (£m) Corporate Investments 3.7 103 471 Capital Market Investments 4.7 56 115 Real Asset Investments 2.3 88 117 Secondary Investments 6.7 136 112 Total 815

Locked-in management fees from current AUM¹

• Longevity of management fees illustrated by
• ver £800m¹ of locked-in fees from historic

fundraising

• 96% of assets under management in closed

end funds, providing stickiness of fees through economic cycles

• Portfolio performance in excess of fund hurdles

will also result in performance fees, on top of management fees

¹ Calculations based on existing assets under management and fund standard fee profiles as illustrated in the data pack. Where funds have no fixed end date they have been excluded from the average weighted remaining life calculation but included in the locked-in management fees based on a ten year fee life

1.03% 0.56% 0.88% 1.36% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% Corporate Investments Capital Market Investments Real Asset Investments Secondary Investments FY17

12

Fee rates maintained across asset classes

Fee income

¹ Weighted average fee rates based on average fee earning AUM during the year and excludes any performance fees and catch-up fees

Weighted average fee rate¹ by strategy – H1 18

Group – 0.89%

Weighted average fee rates1

• Fee rates have remained broadly flat over the

last four years

• Fee rates continue to be maintained with lower

fee rates in capital markets strategies supported by higher fee rates from Secondaries

• Performance fees of £6.3m (H1 2017: £4.4m)

are excluded from the weighted average fee calculations

0.91% 0.88% 0.91% 0.89% 0.80% 0.84% 0.88% 0.92% FY15 FY16 FY17 H1 18

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 20 40 60 80 100 120 140 160 180 200 FY14 FY15 FY16 FY17 H1 17 H1 18 Operating margin £m Costs (lhs) Income (lhs) Operating margin (rhs)

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Operating margin above target

FMC operating margin

Target

14

Costs in line with expectations

FMC operating costs

• Increase in staff costs reflects investment in capital markets and senior debt strategies
• New remuneration policy increases weighting to cash incentives for infrastructure and junior team

members

• Other costs reduced as the amortisation cost of historic placement fees reduces

6 months to 6 months to 6 months to 12 months to £m 30 September 2017 31 March 2017 30 September 2016 31 March 2017 Investment team staff costs 13.9 13.1 12.6 25.7 Marketing staff costs 2.6 2.1 2.5 4.6 Infrastructure staff costs 4.2 4.7 4.0 8.7 Staff costs 20.7 19.9 19.1 39.0 Cash incentives 9.7 10.0 5.0 15.0 Deferred aw ards 8.1 9.3 9.5 18.8 Incentive schemes 17.8 19.3 14.5 33.8 Other non staff costs 14.2 15.9 14.0 29.9 Placement fees 1.4 1.1 1.9 3.0 Total 54.1 56.2 49.5 105.7

Investment Company

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1,100 343 96 151 18.9% 3.1% 9.1% 7.8% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

• 200

400 600 800 1,000 1,200 Corporate Investments Capital Market Investments Real Asset Investments Secondary Investments ROA £m Average loan book Return on assets

16

Loan book a reflection of historic co-investment decisions

Return on assets

Average loan book and ROA by product type

Average return on assets

• Average ROA is 14%, down from 17% in

FY17, due to the strong level of capital gains in the prior period

• Majority of investment book in the Corporate

Investments asset class, with expected return

• f 15-20%
• Capital Markets asset class driven by

regulatory requirement to invest in 5% of equity of new CLOs issued, giving access to fee income stream

• Secondary investment returns are in the form
• f capital gains which will be recognised over

the asset lifecycle. Over the life of the asset expected return is 15-20%

17

Portfolio performing well reflected in healthy unrealised gains

Valuation returns

Capital gains by type & net impairments

(18.1) (21.3) (23.8) (24.2) (10.0) 52.7 51.9 70.8 46.2 68.7 6.3 23.7 8.6 14.0 48.4 6.0 (40.0) (20.0)

• 20.0

40.0 60.0 80.0 100.0 120.0 140.0 H1 16 H2 16 H1 17 H2 17 H1 18 £m Net impairments Unrealised gains Realised gains Realised gains recycled from AFS

18

Costs in line with expectations

Investment Company costs

• Increase in business development costs reflects desire to grow real asset offering
• New remuneration policy increases weighting to cash incentives for infrastructure and junior team

members

• Amortisation relates to the acquisition of the ICG Enterprise Trust management contract on 1 February

2016

6 months to 6 months to 6 months to 12 months to £m 30 September 2017 31 March 2017 30 September 2016 31 March 2017 Staff costs 5.9 8.8 5.6 14.4 Cash incentives 14.8 15.9 10.1 26.0 Deferred aw ards 16.7 15.4 12.8 28.2 Incentive schemes 31.5 31.3 22.9 54.2 Amortisation 1.1 1.1 1.2 2.3 Other non staff costs 4.2 2.4 4.0 6.4 Total 42.7 43.6 33.7 77.3 Business development costs 3.0 2.3 2.1 4.4

• Fundraising – average €4bn over fundraising cycle; FY18 to exceed this
• FMC operating margin – at least 40%
• Performance fees to average £15-20m per annum
• Net impairments – long term average of 2.5% of opening book
• Balance sheet portfolio – average c£2bn with co-investment ratio trending downwards
• Gearing well within the range of 0.8-1.2x; Return on equity – above 13%
• Tax rate updated – low single digit effective tax rate
• Ordinary dividend expected to increase by 6-8% per annum

19

FY18 guidance

Operating Review

20

21

ICG operating model

FUNDRAISING

• Gross fundraising to average €4bn per annum
• Maintain fee level
• Selective product expansion

INVESTING

• Fund deployment
• Fund performance and track record
• Impairment target of less than 2.5% of opening book

CAPITAL ALLOCATION

• Return on equity above 13%
• Gearing 0.8 – 1.2x

IC PROFITABILITY

• IC gross return on assets
• Manage risk across all portfolios

FMC PROFITABILITY

• FMC operating margin
• Manage risk across all portfolios

SHAREHOLDER RETURNS

• Dividend + Return surplus cash

BUSINESS GROWTH

• Reinvest to drive ROE
• Optimise co-investment ratio for each strategy

INVESTMENT IN NEW FUNDS

Fundraising

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62% 39% 36% 50% 17% 22% 29% (9%) (5%) (5%) (4%) (13%) (44%) (15%)

• 60%
• 40%
• 20%

0% 20% 40% 60% 80% Private debt Private equity Real estate Infrastructure Natural resources Hedge funds Venture capital

Decrease in allocation Increase in allocation

23

Fundraising market

ICG to capitalise on current investor appetite

Institutional investors’ long term allocation plans Trend in private debt allocations

Source: Preqin investor outlook: Alternative assets H2 2015 – H2 2017 38% 51% 67% 62% 62% (14%) (9%) (17%) (8%) (9%)

• 40%
• 20%

0% 20% 40% 60% 80% H2 2015 H1 2016 H2 2016 H1 2017 H2 2017

Decrease Increase

4,226 564 416 400 74 19 Australian Senior Loans Secondaries US CLOs Real Estate Funds Credit Funds Senior Debt Partners

3.8 6.4 5.2 4.0 5.7 1 2 3 4 5 6 7 FY14 FY15 FY16 FY17 H1 18 €bn

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On track for a record fundraising year

Fundraising momentum

Funds raised in H1 18 by strategy (€m)

Fundraising expectations c€4bn pa

• 1.0

2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 H2 13 H1 14 H2 14 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18 €bn AUM Fee earning AUM

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Successful fundraise takes total strategy AUM to €7.9bn

Fundraising case study – SDP

SDP AUM progression SDP III Investors SDP Investors by Sector

€5.2bn available to deploy

65% 25% 10% Pension funds Insurance companies Other 56% 28% 16% Existing SDP clients New clients Existing ICG clients, new to SDP

FY 19 H2 18

26 Strategic Secondaries Fund III

Secondary Investments

European Loans, High Yield & Multi-Asset Credit Global Loans & Structured Credit CLOs

Capital Market Investments

Strong fundraising pipeline driven by larger strategies

Fundraising outlook

26 UK Real Estate Mezzanine Fund V UK Real Estate Senior Debt

Real Asset Investments

UK Real Estate Development Fund II US Private Debt Fund II Australian Loan Fund

Corporate Investments

European Mezzanine Fund VII

FY 20

Investing

27

Corporate Investments Capital Market Investments Real Asset Investments Secondary Investments

Buyout markets are up on last year Financing market supported by investor appetite for direct lending funds Scale, flexible capital and deal complexity are key differentiators for us Focus on investing in private mid-market companies through sponsored LBOs, sponsorless transactions and capital restructuring US private markets benefitting from increased demand for private debt capital solutions Leverage loan and high yield markets in the US and Europe are strong CLO issuance has increased as investors increase their search for yield Ability to meet the capital requirements directive differentiates us Increased focus on open ended funds and separate mandates UK commercial real estate markets remain resilient, particularly outside central London Attractive returns can be found in the mid-market, with increasing focus on development funding Increasingly diversified

• ffering across the capital

structure Our entrepreneurial approach and ability to underwrite and execute complex transactions differentiates us Strong transaction volumes driven by the robust global economic environment, availability of liquidity and low interest rates Historically high market valuations and buyer appetite drives high level of realisations We have become a market leader in secondary and fund restructuring transactions which have increased due to the expiration of pre-crisis vintage buyout funds

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Differentiation in approach and strong origination model

Investment markets

1,431 1,779 1,002 1,796 1,266 915 781 226 261 354 87 46 87 31 235 500 1,000 1,500 2,000 2,500 3,000 FY15 FY16 H1 17 H2 17 H1 18

£m

Corporate Investments Real Asset Investments Secondary Investments

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Capital deployment strong for our larger strategies

Investing our direct investment funds

2,433 1,315 2,606 1,855 2,088

Direct investment funds¹

North America SDP II Europe Fund VI ICG Longbow IV Japan Asia Pac III Strategic Secondaries II

20% 30% 40% 50% 60% 70% 80% 90% 100% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Fund invested at 30 September 2017 Investment period

Size of bubble indicates third party AUM ¹ Amounts invested include third party and balance sheet capital

Managing Investments

30

31

Portfolio performance provides platform for future fundraising

Fund performance

Fund Target MM Realised MM ICG Europe Fund IV 2006 (fully realised March 2015) 1.5x 1.6x ICG Minority Partners Fund 2008 (fully realised January 2016) 1.9x 2.0x ICG Recovery Fund 2008 (fully realised March 2017) 2.0x 1.9x ICG Mezzanine Fund III 2003 1.6x 1.9x ICG Europe Fund V 1.6x 1.8x Senior Debt Partners I n/a 1.2x Senior Debt Partners II n/a 1.2x Asia Pacific Mezzanine Fund I 2005 1.6x 1.9x Asia Pacific Fund II 2008 1.6x 1.9x Intermediate Capital Asia Pacific Fund III 1.7x 1.5x Nomura ICG Fund 1.3x 1.1x North America Private Debt Fund n/a 1.3x Longbow UK Real Estate Debt Investments II 1.4x 1.6x ICG-Longbow UK Real Estate Debt Investments III n/a 1.2x ICG-Longbow UK Real Estate Debt Investments IV n/a 1.2x

IRR on realised assets

0% 10% 20% 30% 40%

Performance hurdle Performance above hurdle

32

Fund performance

Realising assets locks in investment returns and track record

Percentage of realised assets exceeding hurdle rate¹ H1 18 realised assets; performance against hurdle

¹ Percentage of realised assets in each year for which the Gross IRR attained exceeds the Net IRR performance fee hurdle set for the fund

70% 98% 80% 92% 94% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY14 FY15 FY16 FY17 H1 18

1 8 3 4 2 +20% above hurdle 10-20% above hurdle 5-10% above hurdle 0-5% above hurdle Below hurdle

Wrap Up

33

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Well positioned for future growth

Wrap Up

Grow assets under management Invest selectively Manage portfolios to maximise value Capital allocation

• On track for record fundraising year, with €5.7bn raised in first half
• Strong fundraising pipeline as larger strategies return to market
• Larger strategies investing strongly
• Maintaining investment discipline in a competitive market
• Portfolios performing well
• Healthy environment for realisations, locking in investment returns and track record
• Balance sheet efficiency maintained
• Interim dividend increased 20% to 9p per share

Q&A

35

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